Business responsibility in practice: Lessons from leaders on ethical growth

An anthology by experts explores responsible business practices through well-argued essays and lived experiences

The Business of Business is (Not) Just Business: How Behavioural Tools Can Drive Real Change

By Sutapa Banerjee 

Published by Harper Collins

313 pages  ₹699

 

Though weighed down by a mouthful of a title like The Business of Business is (Not) Just Business , this book unfolds like an interesting experiment. An expansive anthology edited by business leader Sutapa Banerjee, it brings together 22 voices, among them chief executive officers of traditional and digital companies, economists, policy and industry experts, investors and academics. 

Each of them dives into diverse aspects of corporate culture across industries, and unpacks what responsible businesses can look like in practice, and how companies can achieve a certain standard of success in furthering meaningful action towards sustainability, diversity and inclusion. 

Offering a series of behavioural tools that can drive such change, the book presents complex industry problems as well-argued, essay-shaped solutions. Spread over five sections, the chapters are centred on the core themes of environmental sustainability, equity in economic participation, and breaking stereotypes in industry. 

Sample the foreword, by Nadir Godrej, written in verse: “There’s a capitalist strain/that enthrones shareholder gain/And Milton Friedman could see/that this simplistic philosophy/ could lead to great efficiency.” 

With the mode set to experimental, the anthology begins with some context. Ms Banerjee writes that she wanted to bring diverse perspectives from key stakeholders to reveal different approaches that can be scaled across sectors, with cross application, and then share the outcomes on the use of evidence-based research and behavioural tools. 

It’s a noble experiment. Moving away from prescribing what businesses should do, the effort is to present ideas in a way that encourages more businesses to take meaningful action. The book doesn’t try to be definitive or provide answers to every business problem, but works as a platform to reflect on wide-ranging and relevant themes. 

Abheek Barua offers a view of sustainability through an economist’s lens, diving into inclusive growth and improving the quality of jobs and participation of women in the workforce. Kartikeya Sarabhai looks at sustainability through climate change and bats for a circular economy, including how businesses can work together to have a shared “sense of ownership and responsibility”. 

R Mukundan’s chemicals industry perspective and Parth Jindal’s cement industry insights on the same subject are valuable, with a neatly laid out blueprint for better business ethics. Particularly enlightening is the chapter on emerging business models for environmental change that highlights the catalysts, such as circular economy for agri-waste, and artificial intelligence for climate adaptation. 

At regular intervals, Ms Banerjee pauses to take stock, clearly mapping out what works and what doesn’t. She highlights the specific approaches, models and regulations that show strong potential and warrant deeper analysis. 

The section on equity and economic participation is rich with insights from Sanjeev Bikhchandani. He writes about building digital job marketplaces, the genesis of Naukri and, later, jobhai.com for blue-collar jobs. Preeti Reddy’s thoughts on addressing gender bias in corporate spaces are illustrative, as she writes that while Indian companies are taking note of global trends in fostering conditions for women to thrive in the workplace, progress has been maddeningly slow. 

Deepinder Goyal’s essay on the informal economy and diversity is a missed opportunity; it reads more like a collection of platitudes about Zomato’s operations and values rather than meaningful reflection on the systemic issues plaguing the gig economy, of which he is a major driver. 

But there are thoughtful perspectives on the problems of the migrant workforce from others, and charting a future where “workers join out of aspiration rather than distress”. Also noteworthy are the essays that provide a playbook on the importance of women as economic actors and decision-makers, and the ways in which businesses can scale up the hiring of people with disabilities. 

Is it as challenging to reshape social norms as it is made out to be? Ms Banerjee writes that measures that help break stereotypes in the workplace that are sometimes critiqued for lowering the bar and being “concessionary”, in fact go a long way to level the playing field. Diversity needs to be built into the fabric of businesses, rather than being a token effort. 

Books on how to do business often run the risk of repetition — after all, it’s all been said before. A fair number of new age titles for younger, attention-challenged readers break down material into bite-sized pieces without much socio-economic context. It may be good for sales, but it strips the book of personality. 

This book, thankfully, dodges that bullet, bringing to readers of all stripes and interests a book filled with business lessons that carry the nuances of lived experiences and individual contours of successes and failures. It also underscores that while there is no single blueprint for running a business responsibly, certain core values inevitably unite all ethical ones. 

The reviewer is a Delhi-based author and journalist